Free College Savings Webinar Set for March 15

OKLAHOMA CITY (Feb. 15, 2023) – With tax season having arrived, Oklahoma 529 can help Oklahomans save on their 2022 taxes when they open and contribute to Oklahoma’s official 529 college savings account.

Oklahoma 529 accounts provide owners a triple tax benefit: a 2022 state tax deduction for Oklahoma taxpayers, state and federal tax-deferred growth of any earnings in the account and tax-free withdrawals for qualified education expenses. Contributions made into a new or existing Oklahoma 529 account through the April 18 tax filing deadline are eligible for a 2022 state income tax deduction up to $20,000 for joint filers and $10,000 for single filers. Limitations apply.1

Additionally, the federal gift limit for 2023 has been increased to $17,000 per person, which means contributions up to that amount can be placed in an Oklahoma 529 account without the giver being subject to federal gift tax. Married couples can double that amount to $34,000 without being subject to the tax.

According to the Federal Reserve, the total amount of outstanding loan debt in the U.S. is $1.77 trillion and more than 45 million borrowers have student loan debt.2 On average, it takes 20 years to pay off student loans, according to Education Data Initiative.3 Funds in an Oklahoma 529 account can help minimize future education-related debt.

Leading up to the tax filing deadline, Oklahoma parents and grandparents interested in learning more about saving for education expenses are invited to attend a free webinar to be held Wednesday, March 15, at 11 a.m. Registration is required and can be done through the Oklahoma 529 website at oklahoma529.com/events.

For more information about Oklahoma 529, the upcoming College Savings Webinars or to open an account, go to oklahoma529.com or call (877) 654-7284.